payment method
I have my payment method set up and have been using it for about 8 years. My apple Tv told me to update my payment for itunes (today) and I did but it still says I need to set it up? I can't rent movies
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Verify the expiry dates of any cards that you may have added. Use cards with an expiry date in the future.
Verify if cards have their CVC security code filled in. That may have been optional in the past, but mandatory in the present.
If your payment method is declined in the App Store or iTunes Store - Apple Support
would give indication on why a given payment method was deemed unsuitable.
If the reasons keep being elusive, then contact Apple Support.